HomeMy WebLinkAbout920557.tiff RESOLUTION
RE: DENY SUBORDINATION REQUEST FROM ELIZABETH WIEDEMAN
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado statute and the Weld County Home Rule Charter, is vested
with the authority of administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with a Subordination Request for
purposes of debt consolidation from Elizabeth Wiedeman to the Weld County Housing
Authority, with the reasons being as stated in said request, and
WHEREAS, after review, the Board deems it advisable to deny said request,
a copy of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, ex-officio Housing Authority Board, that the Subordination
Request for purposes of debt consolidation from Elizabeth Wiedeman to the Weld
County Housing Authority be, and hereby is, denied.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 22nd day of June, A.D. , 1992.
Q BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORADO
Weld County Clerk to the Board AL-
;� `` nn Geo ge Kenn drma�n �
BY: / r� �-
Deputy Clark to the Board ..onstance L. Harbert, Pro-Tem
APPROVED AS % FORM:
C. W. IC
County Attorney a
W. H. Webster
920557
DEPARTMcNT OF SOCIAL SERVICES
(4)
P.O. BOX
OREELEV,COLORADO 80632
Administration and Public Assistance(303)352-1551
Child Support(303)352-6933
Child Protection and Day Care(303)352-1923
Wilge.
Food Stamps(303)3563850
COLORADO
TO: George Kennedy, Chairman
Weld County Board of Commis io ers /
FROM: Judy S. Griego, Director � (, 1,
SUBJECT: Loan Subordination Request Wi an ,
DATE: June 18, 1992 l
Attached for Board action is the subordination request from Elizabeth
Wiedeman which the Board discussed at the June 15th Work Session. It is the
department's recommendation to deny the subordination request. Although
subordination requests have been approved in the past, these requests have
not been approved for purposes of debt consolidation. A resolution needs to
be considered if the Board does agree to subordinate.
JAG:jac
920557
IGnf,n ir,
May 22,1992
Weld County Housing Executive Board:
Dear Chairman:
In recent weeks there has been a traumatic change in my financial resources. I find it
increasingly necessary to re-arrange my financial picture if I am to maintain my financial
independence.
Since I am a senior citizen, on a fixed income, there are not a lot of options available
to me except to consolidate my indebtedness. However, I have been told this option is
no longer available to me since Weld County Housing Authority has a lien on the deed to
my house. I only ask for you to consider a second mortgage on my property so that I may
secure a consolidation loan which will enable me to maintain my financial independence.
Thank You,
Elizaath Wiedeman
Severance, Colorado
r. .;.nit C-ry
SUBORDINATION REQUEST
PROPERTY OWENRS
Elizabeth Wiedeman
10546 WCR # 74
Severance, CO
Staff Comments
Mrs Wiedeman has requested that the Housing Authority subordinate to second
position on a lien filed in conjunction with our Housing Rehabilitation program.
We are currently in first position.
The home was rehabbed during last year's program. The total cost of the
rehabilitation was $11,345. A deed of trust was filed with the Clerk and
Recorders office for the total amount. $5,672.50 was provided as a deferred
payment loan with forgiveness if the family occupies the unit for five years. The
balance in the same amount was provided as a non-deferred loan at three percent
interest rate for a sixty month term.
Mrs Wiedeman wants to borrow money for a consolidation loan as a means of
reducing her monthly expenses. She is currently paying for a mobile home which
she uses as an income producing property. She is also making a car payment.
Although she states that she is making all payments, she adds that she has very
little money left for basic necessities, such as food. The property owner is
currently on Social Security. Her property is valued at approximately $70,000.
Board action is requested.
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